Solid
State Transformer Market Overview
Globally, the
size of solid
state transformer market is set to grow at a CAGR of 15.80%, estimated to
reach USD 241 million by 2030 driven by the rapid developments in the solar
Photovoltaic and electric vehicles which run with the Direct Current source
utilizing smart transformers. Solid state transformer (SST) or smart
transformer, simply put, is a merge of high-powered semiconductor components,
conventional high frequency transformers, and control circuitry. Alternative
power generation, power grid, traction locomotives, and others are some of the
applications of the solid state transformer.
Various
factors are propelling the global solid state transformer market share.
According to the recent MRFR report, such factors include the burgeoning demand
for these solutions, overstated use of renewable energy, growing railway
infrastructure, especially in developing regions, implementation of solar and
wind energy, awareness about the different benefits of solid state transformers
such as conversion of AC to DC, efficient power transmission, solid state
transformer for energy efficiency enhancement, and bi-directional power flow,
increasing investments on renewable energy generation sources, and demand for
electric charge vehicles.
On the contrary,
high cost, inadequate testing infrastructure, and the impact of the on-going
COVID-19 pandemic may impede the global solid state transformer market growth
over the forecast period.
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Regional Analysis
Based on the
region, the global solid state transformer market report covers the recent
trends and growth opportunities across the Asia Pacific (APAC), North America,
Europe, & the Rest of the World (RoW). Of these, Europe will dominate the
solid state transformer market over the forecast period. Constant advancements
in technology, growing demand for solid state transformer solutions across
various industry verticals, and growing awareness among end users about the
benefits of using these transformers are adding to the global solid state
transformer market growth in the region. Germany, France, and the UK hold the
utmost share in the market.
The global
solid state transformer market in North America is predicted to have sound
growth over the forecast period. The presence of multiple key players in the
US, rising investments in power distribution systems, and rapid growth in
renewable energy generation capabilities are adding to the global solid state
transformer market growth in this region. The United States possess a maximum
share in the market.
The global
solid state transformer market in the APAC region is predicted to have healthy
growth over the forecast period. The presence of local manufacturers making SST
components like fuses, switches, and converters is adding to the global solid
state transformer market growth in the region.
The global
solid state transformer market in the Rest of the World is predicted to have
steady growth over the forecast period.
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Key Players
Leading
contenders profiled in the global solid state transformer market report include
GridBridge (U.S.), Amantys Limited (U.K), Varentec, Inc. (U.S.), Cooper Power
Systems (U.S.), Mitsubishi Electric Corporation (Japan), Schneider Electric SE
(France), General Electric Co. (U.S.), Siemens AG (Germany), Alstom SA
(France), and ABB Ltd. (Switzerland).
Market
Segmentation
The MRFR
report highlights an inclusive segmental analysis of the global solid state
transformer market based on application, product, and component.
By component,
the global solid state transformer market is segmented into high-frequency
transformers, switches, converters, and others. The converters segment is again
segmented into AC to AC converters, DC to AC converters, DC to DC converters,
and AC to DC converters. Of these, the converters segment will lead the market
over the forecast period.
By product,
the global solid state transformer market is segmented into power solid state
transformers, traction solid state transformers, and distribution solid state
transformers. Of these, the solid state transformers product segment will
dominate the market over the forecast period.
By
application, the global solid state transformer market is segmented into
alternative power generation, electric vehicle charging stations, power grid,
traction locomotives, electric vehicle charging stations and others. Of these,
the power grid application segment will command the largest share in the market
over the forecast period.
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